Asia Risk, the leading magazine for risk and derivatives professionals in the Asia-Pacific (APAC) region, has named Bloomberg LP the 'Technology Company of the Year 2011.' The award recognizes Bloomberg for creating innovative technology, data and analytics that increased participation and investment in the APAC derivatives markets.
Asia Risk staff and Asian investors selected Bloomberg for the top award for several achievements including:
â¢ Leading the evolutional of the new offshore renminbi (CNH) market by creating an industry working group for the introduction of new data, yield curves and reference rate services;
â¢ Developing a new code (CNH) to distinguish the offshore renminbi from the onshore renminbi (CNY) with the Bank of China, HSBC and Standard Chartered. Bloomberg adopted the CNH code, captured its price history and introduced a CNH bond listing and bond index. The company also held a series of educational events on the new market;
â¢ Helping to define the new CNY derivatives market by initiating an industry working group of regulators, banks and market participants and being first-to-market with onshore CNY tools and data for portfolio valuation and risk analysis by the time the market launched in April of this year.
"CNH is a young market that has only developed since 2010. It is always difficult for traders working in this kind of market, because liquidity is poor and the market is less transparent. Bloomberg has done a good job in helping us tackle these issues," an official at one of the big four Chinese state-owned commercial banks says in the Asia Risk article .
Matthew Rees, Bloomberg's Head of Sales for APAC, said, âThis award is a testament to Bloomberg's commitment to supporting transparency and openness in the global capital markets. The APAC region is a critical market for Bloomberg. This award recognizes our leadership in developing comprehensive and leading-edge technology, data and analytics."
Since 2000, Asia Risk magazine annually recognizes institutions and individuals for their excellence in the field of financial risk management and derivatives. The awards cover more than 30 categories, commending excellence across asset classes such as equities, credit, currencies, interest rates and energy/ commodities; local markets; and product and service providers. In determining the winner of The 'Technology Company of the Year,' Asia Risk interviewed market participants who acknowledged Bloomberg's important role in Asian financial markets.